1 Common Social Security Mistake Could Cost Retirees $182,000
The Social Security program cuts a monthly check to millions of Americans, and those benefits are often the largest source of income in retirement. In fact, nearly 9 in 10 retired workers depend on Social Security benefits to some degree, according to pollster Gallup. But many Americans misunderstand certain aspects of the program, and knowledge gaps can lead to costly mistakes in retirement.
One common misconception relates to the reduced benefit paid to workers who collect Social Security before full retirement age (FRA). Nearly half of adults believe the reduction is temporary, thinking their benefit will automatically increase when they reach FRA, according to Nationwide Retirement Institute. But the reduction is permanent, and workers who claim benefits prior to FRA could pay a high price for that decision.
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Source Fool.com
